KARACHI: The rupee depreciated a marginal 0.18% during the previous week to close at 286.97 against the US dollar in the inter-bank market.

Three sessions of losses were followed by back-to-back gains for the rupee, but attention diverted to the political front where Prime Minister Shehbaz Sharif reportedly announced the date for the dissolution of National Assembly.

During the weekend, former premier Imran Khan was also arrested after a trial court found him guilty of “corrupt practices” as tensions started to increase ahead of the ‘election’ season. Still, there was lack of clarity on when polls would be held, and this is likely to play on the minds of investors as the new week begins.

Foreign exchange reserves held by the State Bank of Pakistan (SBP) suffered a minor fall, a non-event for the currency market, but all eyes will stay on how heavy the import bill becomes as the government eased restrictions.

Open-market rates

In the open market, the PKR lost 1.00 rupee for both buying and selling against USD, closing at 289.00 and 292.00, respectively.

Against Euro, the PKR remained unchanged for both buying and selling, closing at 317.00 and 320.00, respectively.

Against UAE Dirham, the PKR lost 80 paisa for both buying and selling, closing at 81.00 and 81.80, respectively. Against Saudi Riyal, the PKR lost 30 paisa for both buying and selling, closing at 77.30 and 78.00, respectively.

=========================================

THE RUPEE

=========================================

Weekly inter-bank market rates for dollar

=========================================

Bid Close Rs. 286.90

Offer Close Rs. 287.10

Bid Open Rs. 286.35

Offer Open Rs. 286.55

=========================================

Weekly open-market rates for dollar

=========================================

Bid Close Rs. 289.00

Offer Close Rs. 292.00

Bid Open Rs. 288.00

Offer Open Rs. 291.00

=========================================

Copyright Business Recorder, 2023